United Envirotech

United Envirotech: Good set of results which was in-line. 1Q13 revsurging 54.2% to $20.8m, met about 20% of FY13 estimate, with the start of several new projects secured over the past few mths. Net profit jumped 66.3% to S$5.9m, also aided by the increasing treatment rev which comes with much higher margins. Going forward, mgt expects its growth momentum to outperform FY12, buttressed by its recent contract wins. Pending mgt briefing, OCBC maintains BUY rating but place our $0.40 TP under review.